Internal Revenue Service - IRS

Dictionary Says

Definition of 'Internal Revenue Service - IRS'

A United States government agency that is responsible for the collection and enforcement of taxes. The IRS was established in 1862 by President Lincoln and operates under the authority of the United States Department of the Treasury. It is primarily engaged in the collection of individual income taxes and employment taxes, but also handles corporate, gift, excise and estate taxes.

The IRS is sometimes referred to as the "tax man."
Investopedia Says

Investopedia explains 'Internal Revenue Service - IRS'

The IRS is headquartered in Washington, D.C. It is an expansive organization that services the taxation of all Americans. In 2006, the IRS processed about 133 million personal income tax returns and almost six million corporate income tax returns, bringing in trillions of dollars of tax revenue.

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Income Tax

    A tax that ...
  2. Federal Unemployment Tax Act - FUTA

    The original ...
  3. Revenue Act Of 1862

    This act ...
  4. Tax Liability

    The total amount ...
  5. Audit

    1. An unbiased ...
  6. Excise Tax

    1. An indirect ...
  7. Corporate Tax

    A levy placed on ...
  8. Internal Revenue Code - IRC

    The ...
  9. Substitute Return

    A tax filing ...
  10. Federal Tax Brackets

    Income tax ...

Articles Of Interest

  1. How can I get information about my deceased husband's retirement account if his employer withholds it?

  2. Employee Stock Options (ESO)

    Employee stock options are a form of equity compensation granted by companies to their employees and executives.
  3. Deducting Disaster: Casualty And Theft Losses

    If you've been a victim, your losses may be deductible. Find out how.
  4. Variable Prepaid Forward Contract: Scam Or Safety Net?

    Top executives can benefit from this kind of contract, but is it at the expense of the shareholders?
  5. 6 Sources For Free Tax Help

    From community-based services to free software, there are many free resources to help with your taxes.
  6. Paying Uncle Sam: From Tobacco To $1 Trillion

    The services we rely on, like education, law and security, were built on taxes.
  7. Getting A Job As The Tax Man

    If you'd like the IRS to pay you some money for a change, consider a career working in taxes.
  8. Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  9. A Concise History Of Changes In U.S. Tax Law

    We look at how U.S. taxes have changed since their inception.
  10. Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center